✔ Hasn't been hard to document that the proposed mega-mess merger between SAFE and Boeing Employees of Washington State is a "Cat-5" financial mistake. The SAFE Board and CEO claim the merger will bring indistinct benefits to SAFE members. Independent assessments find otherwise:
✅ The "Otherwise" Credibility Scorecard: It has been shown that 1) any benefits of the merger can be obtained for free by SAFE members [link], 2) the SAFE Board has voted to give away a financial institution with a fair market value between $400 to $800 million [link], 3) the current cost of operating SAFE is superior (much lower!) [link], 4) current services/rates at SAFE are equal or better [link], 5) if necessary, there are several better merger candidates in California [link], 6) the "faux-ish" Board commitments of April 21, 2026 [link] with the questionable "34% increase in money returned to them" claim [link], and 7) the absence of an independent market valuation creating a fiduciary breach legal exposure [link].
✔ Time to add #8 to the list - Local independence and autonomy are better for SAFE and California! SAFE CEO Faye Nahbani recently announced several promising new initiatives for SAFE members including "Green Energy" and mortgage rate, closing cost and refinancing discounts! [CUDaily link].
✔ Great moves! But, Ms. Nahbani simply - once again! - confirms that SAFE does not need to merge with Boeing Employees "... to bring enhanced value to members", and "... to continue to make meaningful community investments" [link].
Granted for Boeing Employees, the proposed merger will "... extend BECU’s community-focused banking to new markets across a broader geographic footprint."
😎 Why should SAFE's 245,000 members have to give up a $400+ million local community asset to help fuel Boeing Employee's "me-me" narcissistic ambitions ?
